Under Armour revamping sales view, workforce structure
Despite the fact that revenue and sales bested analysts' expectations in Q2, Under Armour is adjusting its predictions regarding next quarter sales and is cutting 2 percent of its global workforce.
One reason, according to a CNBC report, is that shares took a dip though earnings per share hit a loss of 3 percent compared to a projected dip of 6 cents.
The high-end apparel player saw its stock price drop more than 8 percent following Q2 financials. CEO Kevin Plank said the company is focused on expanding digital capabilities and getting product to market faster, according to the report.
"We've identified a number of areas to enhance our operational capabilities, drive process improvement and gain greater efficiencies," Plank said in a statement, according to CNBC.
The job cut will likely total about 280 positions, according to CNBC, with half taking place at the company's Baltimore headquarters.
Companies: Under Amour